Gas
Minister: PIB will address production sharing contracts issues on gas
The Minister of State for Petroleum Resources, Chief Timipre Sylva, says the Petroleum Industry Bill (PIB) currently before the National Assembly will resolve the issues under the Production Sharing Contracts (PSC) on gas. Sylva made this known at a National Assembly Public Hearing organised by the Joint Committee on Gas Resources, Petroleum Resources, Upstream and Downstream, on Monday, in Abuja. The hearing was on the topic: “Inclusion of Gas Terms in Production Sharing Contracts by the Nigerian National Petroleum Corporation (NNPC).” He said that issues on gas terms was not captured under the PSC especially with the commercial aspect. “Issues on gas terms was not captured in the PSC because at the time, the offshore was just a frontier territory, today, it is no longer frontier, it is a...
NGA chief: Nigeria’s gas reserve can sustain West African market
Nigeria has abundant gas resources which, if harnessed, will meet the energy demand of over 350 million people and the industrial needs in the West African sub-region. According to the newly inaugurated president of the Nigeria Gas Association (NGA), Ed Ubong, “Nigeria, which ranks as the 9th largest gas reserve in the world and clearly the largest in West Africa, needs to develop this resource base and connect the existing local supply and demand with physical and virtual pipeline infrastructure, while also exploring closer integration of roads, seaports and rail infrastructure.” Speaking, at the just concluded NGA’s 12th International Conference and Industry Awards in Lagos last week, Ubong who is also the managing director, Shell Nigeria Gas Limited, however, advocated an improved inves...
Lagos agency pledges orderly, liveable communities
The Lagos State Physical Planning Permit Authority (LASPPPA), has put in motion plans to create orderly and livable communities in the state. To achieve this and also in concert with the new developmental realities in the state, the agency evolved a new mission statement “Making Lagos an heritage for orderly, spatial planning and development for economic and livable community” In a chat in his office at Ikeja, LASPPPA, General Manager, Funmi Osifuye, said the new mission statement is as a result of the new resolve of LASPPPA to conform with present realities of Lagos as a smart city. He said henceforth, the Monitoring and Compliance Unit of the Agency will be zoned into 5 operational and enforcement locations according to the five Divisions of the State. While noting the need to focus on t...
Bayelsa governor: 2.5% revenue for host communities ‘unacceptable’ to Niger Delta
Gov. Douye Diri of Bayelsa on Tuesday proposed that 10 per cent of derived oil revenue be provided in the Petroleum Industry Bill (PIB) for the host communities. Mr Diri, in a statement by his Chief Press Secretary, Daniel Alabrah, said this on Tuesday during a townhall meeting on the bill with members of the National Assembly in Yenagoa. The governor said the 2.5 per cent revenue proposed for the host communities in the PIB was grossly inadequate and unacceptable to the people of the Niger Delta. He argued that if the National Assembly members saw firsthand the level of environmental degradation and its attendant effects on the people, they would not hesitate to increase it from 10 per cent. Mr Diri stressed that the PIB was critical in addressing issues such as unemployment, lack of tran...
Energy firms’ bank debts rise to N5.94 trillion
The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019. The N5.94tn represents 29.16 per cent of the N20.37tn loans advanced to the private sector by the banks as of December, according to the sectoral analysis of banks’ credit by the Central Bank of Nigeria. Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N600bn to N5.18tn in December 2020 from N4.58tn in December 2019. The debt owed by power firms to the banks rose to N763.22bn in December 2020 from N671.45bn in December 2019, the CBN data showed. Oil firms operating in the downstream, natural gas and crude oil refining subsectors owed N393tn as of December, up from N3.42t...
Nigerian government to launch new pricing framework for gas operations
The chairman of National Gas Expansion Programme (NGEP), Mohammed Ibrahim, says the federal government will launch a new pricing framework to regulate operations in the gas sector. He was speaking on Friday at the 12th Nigerian Gas Association international conference. Represented by Olasupo Agbaje, a member of NGPE, Ibrahim said Nigeria needs to unlock new frontiers in the gas sector. He said the government is working towards achieving a 40 per cent conversion from petrol to gas for vehicles in the country. “As a nation we are committed to unlocking new frontiers through a combination of policy and technology. In terms of unlocking these frontiers, we find that we need to undertake a pricing framework review that has been concluded and in the next few days, we are going to be having a new...
FEC approves multi-billion naira roads construction contracts
In keeping with its infrastructural development mantra especially in the road sector, the Federal Government has approved a multi-billion naira roads construction projects across the country especially the completion of Benin-Ore-Adebamdele-Shagamu Road at the cost of N92.5 billion. This cheering news was dropped Wednesday by Minister of Works and Housing, Babatunde Raji Fashola, who told State House Correspondents after the weekly Federal Executive Council presided over by President Muhammadu Buhari at Council Chambers of the Presidential Villa Abuja that Council approved all four memoranda on roads projects his ministry presented at the meeting. Fashola said FEC approved all four memoranda he presented with respect to Benin-Ore-Adebamdele- Shagamu Road, particular the section from Adebam...
DPR to upgrade downstream petroleum sector operations
File Photo The Department of Petroleum Resources, DPR, Tuesday, disclosed that it plans to upgrade operations in the downstream petroleum industry, leveraging on its ongoing automation process. In a statement in Abuja, Director/Chief Executive Officer of the DPR, Engineer Sarki Auwalu, stated that the upgrade would be to global standards and would be driven by its deployment of improved technology. Auwalu, who was speaking at a virtual meeting with members of the Major Oil Marketers Association of Nigeria, MOMAN, in Abuja, noted that the DPR was currently deploying appropriate technology to enhance value for operators and investors alike in the downstream sector . Specifically, Auwalu explained that the DPR had concluded plans to launch the Downstream Remote Monitoring Systems, DRMS, an in...
NNPC declares N13.43 billion trading surplus for November 2020
The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of N13.43billion for November 2020, 54 per cent more than the N8.71billion recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru Obateru said the trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or N0.09billion to stand at N423.08 billion. Similarly, expenditure for the month decreased by 1...
Court orders final forfeiture of ex-Zamfara governor’s money in Zenith, Polaris banks
The Federal High Court, Abuja, on Tuesday, ordered the final forfeiture of former Governor of Zamfara, Abdulaziz Yari’s funds domiciled in Zenith and Polaris Banks. While 56, 056.75 dollars was lodged in Polaris Bank account, the sums of N12.9 million, N11.2 million, 301, 319.99 dollars; N217, 388.04 and 311, 872.15 dollars were kept in different Zenith Bank accounts in the name of Yari and his companies. Justice Ijeoma Ojukwu, in a judgment, held that the former governor had not shown good cause why the order sought by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) should not be granted. Yari served as governor of Zamfara between May 2011 and May 2019. The ICPC had instituted a suit, praying the court for the former governor to show cause why the money unde...
PDP tasks Joe Biden to sanction APC leaders, officials for ‘corruption, assault on democracy’
The Peoples Democratic Party, PDP, has commends United States President Joe Biden for lifting the immigration visa restrictions on regular Nigerians but urged him to impose firm sanctions on leaders of the All Progressives Congress (APC) and officials of the Buhari administration involved in acts of corruption and undermining our nation’s democracy. The post PDP tasks Joe Biden to sanction APC leaders, officials for ‘corruption, assault on democracy’ appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share...
Thousands of US-bound Honduran migrants cross border into Guatemala
<img width="696" height="391" class="entry-thumb" src="https://www.today.ng/wp-content/uploads/2021/01/16201205-696×391.jpg" srcset="https://www.today.ng/wp-content/uploads/2021/01/16201205-696×391.jpg 696w, https://www.today.ng/wp-content/uploads/2021/01/16201205-300×169.jpg 300w, https://www.today.ng/wp-content/uploads/2021/01/16201205.jpg 699w" sizes="(max-width: 696px) 100vw, 696px" alt="Thousands of Honduran migrants push through the police fence as they attempt to cross the border at El Florido in Guatemala forming the first migrant caravan of the year on it’s way to the United States on January 15, 2021. – Some 3,000 people left Honduras on foot January 15 in the latest migrant caravan hoping to find ...
